Jefferies Financial Group Inc. Sells 77,800 Shares of Patrick Industries, Inc. (NASDAQ:PATK)

Key Points

• Jefferies Financial Group Inc. significantly reduced its stake in Patrick Industries by 89.4%, selling 77,800 shares and now holding only 9,200 shares valued at $778,000.
• Multiple institutional investors have increased their positions in Patrick Industries, with Dimensional Fund Advisors growing its holdings by 48.5% in the last quarter.
• Patrick Industries announced a quarterly dividend of $0.40 per share, reflecting an annualized payout of $1.60 and yielding 1.6%.

Jefferies Financial Group Inc. lessened its stake in Patrick Industries, Inc. (NASDAQ:PATK - Free Report) by 89.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,200 shares of the construction company's stock after selling 77,800 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Patrick Industries were worth $778,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Commonwealth Equity Services LLC raised its position in shares of Patrick Industries by 26.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 3,602 shares of the construction company's stock valued at $299,000 after purchasing an additional 763 shares in the last quarter. LPL Financial LLC grew its stake in shares of Patrick Industries by 95.9% in the fourth quarter. LPL Financial LLC now owns 15,942 shares of the construction company's stock worth $1,325,000 after purchasing an additional 7,806 shares in the last quarter. Norges Bank bought a new position in shares of Patrick Industries in the fourth quarter worth $7,478,000. Pictet Asset Management Holding SA boosted its stake in Patrick Industries by 50.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 3,649 shares of the construction company's stock valued at $303,000 after buying an additional 1,216 shares in the last quarter. Finally, Orion Portfolio Solutions LLC boosted its stake in Patrick Industries by 7.3% during the fourth quarter. Orion Portfolio Solutions LLC now owns 5,279 shares of the construction company's stock valued at $439,000 after buying an additional 360 shares in the last quarter. Hedge funds and other institutional investors own 93.29% of the company's stock.

Patrick Industries Stock Down 0.8%

Shares of PATK traded down $0.76 during midday trading on Friday, reaching $100.37. 257,636 shares of the stock were exchanged, compared to its average volume of 322,211. The company has a quick ratio of 0.75, a current ratio of 1.96 and a debt-to-equity ratio of 1.11. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 27.20, a P/E/G ratio of 1.43 and a beta of 1.23. The firm has a 50 day simple moving average of $95.16 and a 200-day simple moving average of $89.67. Patrick Industries, Inc. has a 12-month low of $72.99 and a 12-month high of $103.99.

Patrick Industries (NASDAQ:PATK - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The construction company reported $1.50 EPS for the quarter, beating analysts' consensus estimates of $1.41 by $0.09. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Patrick Industries had a return on equity of 13.04% and a net margin of 3.30%. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.16 EPS. Research analysts forecast that Patrick Industries, Inc. will post 5.33 EPS for the current year.

Patrick Industries Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 9th. Shareholders of record on Tuesday, May 27th were issued a $0.40 dividend. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $1.60 dividend on an annualized basis and a yield of 1.6%. Patrick Industries's dividend payout ratio (DPR) is 43.36%.

Analyst Ratings Changes

Several equities research analysts have recently commented on PATK shares. Raymond James Financial upped their target price on Patrick Industries from $95.00 to $109.00 and gave the company an "outperform" rating in a report on Friday, August 1st. Robert W. Baird upped their target price on Patrick Industries from $84.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, June 20th. Roth Mkm reaffirmed a "buy" rating and set a $100.00 target price (down from $112.00) on shares of Patrick Industries in a report on Friday, May 2nd. Truist Financial upped their target price on Patrick Industries from $100.00 to $105.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Finally, Benchmark increased their price objective on Patrick Industries from $102.00 to $110.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $104.86.

Insider Buying and Selling

In related news, Director John A. Forbes sold 2,875 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $91.62, for a total transaction of $263,407.50. Following the completion of the transaction, the director owned 52,591 shares in the company, valued at $4,818,387.42. This trade represents a 5.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Todd M. Cleveland bought 1,000 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The shares were bought at an average price of $82.75 per share, with a total value of $82,750.00. Following the transaction, the director directly owned 133,286 shares in the company, valued at $11,029,416.50. This trade represents a 0.76% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 14,071 shares of company stock worth $1,205,964 in the last ninety days. Insiders own 4.40% of the company's stock.

Patrick Industries Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.